The naira appreciated on Monday to N1,545/$1 in the black market, strengthening from last week’s close of N1,560/$1.
With this improvement in the black market, the naira set an optimistic look for the week. Against the British pound, the naira also recorded a slight improvement, appreciating to N2,075/£1 from N2,080/£1, while the sell price dropped to N2,100/£1 from N2,105/£1.
However, it weakened slightly against the euro, falling to N1,765/€1 from N1,760/€1, while the sell rate rose to N1,785/€1 from N1,780/€1.
In the official market, the naira’s movement against the U.S dollar went in the opposite direction. The official rate fell to N1,536/$1 on Monday from N1,534/$1.
During the trading session, the currency fluctuated between N1,526/$1 and N1,538.45/$1, according to data from the Nigerian Foreign Exchange Market (NFEM).
The naira’s performance continues to reflect market fundamentals, especially supply and demand dynamics. Analysts note that the Central Bank of Nigeria’s (CBN) interventions will be crucial in stabilising the market.
